Lyft's ride-hailing business is down 70% due to COVID-19

Thursday 7 May 2020 11:40 CET | News

The Verge has revealed that Lyft’s ride-hailing business is down 70%, year over year, as a result of the COVID-19 pandemic. 

The company’s ride volume hit a bottom in the second week of April, plummeting 75% year-over-year, and has since gradually risen in the final weeks of the month.

However, Lyft’s earnings report for Q1 of 2020 show that the company brought in USD 955.7 million in revenue, up 23% over Q1 of 2019, and recorded a net loss of USD 398.1 million, 36% down from the USD 1.1 billion Lyft lost in Q1 2019. 

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Keywords: Lyft, coronavirus, COVID-19, revenue, ecommerce
Categories: Payments & Commerce
Countries: World
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